GREENVILLE, N.C., June 18 /PRNewswire/ -- At their regularly scheduled meeting yesterday, Select Bancorp's Board of Directors declared a 6-for-5 stock split, to be effected in the form of a 20% stock dividend, announced Mark A. Holmes, president and CEO of Select Bancorp, Inc. (the "Company" or "Select"), the holding company for Select Bank & Trust. Payable July 15, 2010, to shareholders of record as of July 1, 2010, the stock split means shareholders will receive one additional share of stock for every five shares they hold.
Chairman of the Board V. Parker Overton commented on the Board's action stating, "After reporting 20 consecutive profitable quarters and as we approach our sixth anniversary, we are pleased to reward our shareholders for their belief in Select and to allow them to further participate in our success."
Holmes shared, "In less than six years, Select has accumulated more than $2.7 million in retained earnings. This is just one way we can share our success and show our appreciation for our shareholders' contribution to Select's positive performance."
Select Bank & Trust is a state-chartered community bank headquartered in Greenville, NC and currently serves Greenville/Pitt County through its headquarters office at 3600 Charles Boulevard and a second Greenville location at 3800 East Tenth Street, and serves Northeastern North Carolina from an office at 104 Nance Court just off Halstead Boulevard in Elizabeth City. As of March 31, 2010, Select Bancorp reported total assets of $176.7 million, total loans of $129.8 million, and total deposits of $136.3 million.
The information as of and for the quarter ended March 31, 2010, as presented is unaudited. This news release contains forward-looking statements. Actual results may differ materially from those projected, for various reasons, including our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market.
SOURCE Select Bancorp, Inc.